US Treasury Secretary Bessent: Japanese Yen moves 'pretty contained' and not disorderly
US Treasury Secretary Scott Bessent said on Sunday recent Japanese Yen (JPY) moves were "pretty well contained," suggesting the Japanese currency's renewed weakness were not seen as the kind of disorderly moves that led to a rare joint Japan-US intervention last month, Reuters reported.
US Treasury Secretary Scott Bessent affirmed on Sunday that recent fluctuations in the Japanese Yen were well-contained, indicating that the currency's recent weakness was not seen as disorderly. This stance contrasts with the intervention Japan and the US carried out last month. Speaking about China, Bessent indicated that Washington would conduct "very robust" discussions with China, with a focus on preventing powerful models from falling into the hands of non-state actors.
BoJ Governor Ueda, who will meet Bessent at the G20 finance leaders' summit, is praised for his market-savvy approach and is expected to act appropriately regarding monetary policy. Bessent noted that under Prime Minister Takaichi, the government has been intervening less in economic policy, and he will refrain from advising on potential back-to-back rate increases by the BoJ.
He emphasized the need for G20 nations to reassess trade terms with China to address global imbalances, suggesting that trade barriers on Chinese goods could encourage Beijing to shift its economy from exports to domestic demand.
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